10 things you need to know today

Larisa Katz shows off her
headwear on Ladies Day at Royal Ascot, just south of London,
Britain, June 18, 2015.Reuters/Eddie
Keogh

Here is what you need to know.

Greece will hold an emergency meeting with creditors on
Monday. After a meeting of finance ministers on
Thursday, Eurogroup president Jeroen Dijsselbloem said "no
agreement yet is in sight." The ECB is deciding whether to
stop or pause providing liquidity to Greek banks, which may not
open on Monday because residents are rapidly withdrawing their
money. On June 30, Greece is due to pay $1.70 billion to the IMF.

Chinese stocks got crushed.
The Shanghai Composite Index fell 6.4% to 4,481.22, marking the
first time since January 2014 that the market
entered a correction, according to Bloomberg, amid
worries that Chinese stocks are in a bubble. It's also been the
worst week for the index since the 2008 financial
crisis.

The Bank of Japan kept interest rates unchanged.
BOJ governor Haruhiko Kuroda said the weak yen is not harming the
economy; he had earlier warned markets not to weaken the currency
significantly. The central bank will continue its
asset purchases program, increasing base money by 80 trillion
yen annually. The bank said it would meet less
frequently to decide on policy, the Wall Street Journal
reported.

Fitbit had a blockbuster IPO. The maker of
fitness trackers opened
up 52% from its IPO price of $20 a share at its debut
yesterday. The opening price
of$30.40 valued the company
at about $6 billion. According to CNBC, the average
Fitbit insider owns the stock at $0.37 a share.

Martha Stewart is near a deal to sell her
empire. According to the Wall Street Journal, Sequential
Brands is
close to buying Martha Stewart Living Omnimedia. A deal could
be announced within the next few days. Shares of Martha Stewart
surged 26% on the report.

Details about the Apple Watch 2 leaked. The
next model will feature a FaceTime camera, and it will rely
less on the iPhone to function, according to 9to5Mac. Apple's
first smartwatch has been on sale for about one month.

Smith & Wesson's
full-year forecast missed estimates. The gunmaker expects earnings excluding
some items of between $1.02 and $1.07,
below the average estimatefor $1.08 according to
Bloomberg. Shares
fell by up to 6% in after-hours trading on Thursday after the
earnings report.

McDonalds is shrinking in US operations to expand
abroad. This year, for the first time, the fast-food
chain will
close more domestic stores than it will open. It said the
impact will be "minimal in comparison to the 14,000 restaurants"
it operates. US sales have been in decline for the past five
years.

European stocks are rallying. Germany's
DAX, France's CAC, and the Euro Stoxx 50all rallied
by as much as 1%.

No major economic data is due today. The latest
count of US oil and gas rigs will be released by Baker Hughes at
1:00 p.m. The US 10-year yield is down four basis points at
2.31%.